National Fuel Gas Co · U5S · For 9/30/99 · EX-99

Filed On 1/28/0   ·   SEC File 1-03880   ·   Accession Number 70145-0-2

Annual Report of a Holding Company   ·   Form U5S
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: U5S         Annual Report of a Holding Company                   100    543K 
 2: EX-3        Articles of Incorporation/Organization or By-Laws      2     11K 
 3: EX-3        Articles of Incorporation/Organization or By-Laws      6±    29K 
 4: EX-27     · Financial Data Schedule                                2±    11K 
 5: EX-27       Financial Data Schedule                                2±    11K 
 6: EX-99       Miscellaneous Exhibit                                 21     48K 
 7: EX-99       Miscellaneous Exhibit                                  3±    15K 
 8: EX-99       Miscellaneous Exhibit                                  5     22K 
 9: EX-99       Miscellaneous Exhibit                                  4     15K 
10: EX-99       Miscellaneous Exhibit                                  5     24K 
11: EX-99       Miscellaneous Exhibit                                  3     22K 
12: EX-99       Miscellaneous Exhibit                                  7±    33K 
13: EX-99       Miscellaneous Exhibit                                 47    146K 
14: EX-99       Miscellaneous Exhibit                                  2     14K 
15: EX-99       Miscellaneous Exhibit                                  7±    31K 
16: EX-99       Miscellaneous Exhibit                                  5±    27K 
17: EX-99       Miscellaneous Exhibit                                  1      8K 
18: EX-99       Miscellaneous Exhibit                                  1      7K 
19: EX-99       Miscellaneous Exhibit                                  5     33K 
20: EX-99       Miscellaneous Exhibit                                  5     30K 
21: EX-99       Miscellaneous Exhibit                                  4     27K 
22: EX-99       Miscellaneous Exhibit                                  4     27K 

EX-99   ·   Miscellaneous Exhibit

EX-99
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Auditor's report on audit of financial statements of Teplarna Kromeriz, a.s.

     The  1998  financial  statements  of  Teplarna  Kromeriz,  a.s.,  with  its
registered  office at  Kromeriz,  Na Sadkach  3572,  were audited due to a legal
obligation to provide financial statements audited by an auditor.               

     The  ordinary  financial  statements  prepared as to 31 December  1998 were
subject to the audit  pursuant  to Section 14  Subsections  1 and 2 of the Czech
National Council's Act No. 524/1992 Coll.                                       

In our audit, we paid attention to:                                             

-    a checkout of the balance sheet continuity;                                

-    a checkout  of linking of  balances  on  synthetic  accounts to the balance
     sheet and the profit and loss  statement.  This checkout was carried out in
     Microsoft Excel.  After balances of synthetic  accounts had been taken over
and control statements had been made, no differences were found out.  

-    the system of accounting  procedures and internal audit in 1998 with regard
     to  methodological  and technical  approaches and the compliance with valid
     regulations,  particularly  with  the Act  563/1991  Coll.,  on  Accounting
     Procedures,  and with the ruling of the Federal  Ministry of Finance,  reg.
     No.  V/20-100/1992,  on Account  Classification  and Accounting methods for
Entrepreneurs, as amended;                                            

-    a survey  of  balances  discovered  in the  Company's  accounting  as of 31
     December  1998 on accounts of the  Company's  assets and on accounts of its
liabilities and shareholders' capital;                                

-    an evaluation of events that occurred after the financial  statements  date
and that could have an impact on our auditor's report.                

     We conducted  our audit in  accordance  with the  guidelines  issued by the
Chamber  of  Auditors  of  the  Czech  Republic,  and/or  with  requirements  of
international  auditing  standards  ensuring  from  the  responsibility  of  the
Company's  statutory  bodies  for  keeping  complete,  supportable  and  correct
accounting  records,  and  from the  obligation  to have  data in the  financial
statements  audited on a test basis and using the  principles  of  significance.
Accounting documents related to accounting records were audited on a test basis.
No extraordinary survey of any assets was necessary.                            

     Based on the results of the applied auditing  methods,  we did not find out
any significant  errors or discrepancies  with valid laws and  regulations.  The
carried-out audit entitles us reasonably to issue this statement:               

     In our opinion, the financial  statements,  in all their essential aspects,
present  fairly the assets,  liabilities,  equity and the financial  position of
Teplarna Kromeriz, a.s., as to 31 December 1998, and its economic results in the
accounting  period  1998 in  accordance  with  the Act No.  563/1991  Coll.,  on
Accounting, and with respective regulations.                                    

                   Signature

Bystrice pod Hostynem, 31 March 1999                                            

On behalf of Muller - audit, spol. s.r.o., license No. KACT 140                 

Ing. Jiri Muller, auditor, decree No. 527, the executive of the company         

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                            Profit and Loss Statement                       
                               In its full extent                           
                             As to December 31, 1998                        
                      (in whole thousands of Czech crowns)                  

                                                              1998     1997 
                                                              ----     ---- 
                                                                            

Income from sale of goods                                        -        2 
Costs expended on goods sold                                     -        - 
                                                            ------   ------ 
Trade margin                                                     -        2 

Performances                                                53,879   55,002 
                                                            ------   ------ 
  Income from sale of own products and                                      
    services                                                53,879   55,002 

Output Consumption                                          45,975   48,824 
                                                            ------   ------ 
  Consumption of material and power                         42,960   43,946 
  Services                                                   3,015    4,878 
                                                            ------   ------ 
Value added                                                  7,904    6,180 

Personal expenses                                            4,997    4,873 
                                                            ------   ------ 
  Wages expenses                                             3,692    3,608 
  Expenditure on social security                             1,305    1,265 

Taxes and payments (-)                                          47       40 

Deductions on intangible and tangible                                       
  fixed assets (-)                                           1,209    1,277 
Income from sale of fixed assets and                                        
  Materials (+)                                                130       11 
Accounting of corrective items in                                           
  operative yields (+)                                         129      129 

Accounting of corrective items in                                           
  operative costs (-)                                            -        - 
Other operative yields (+)                                      47       55 
Other operative costs (-)                                      516      139 
Operative economic result (A)                                1,441       46 

Interest revenues (+)                                          139      207 
Interest expenses (-)                                        1,290    2,553 
Other financial revenues (+)                                    29        - 
Other financial expenses (-)                                   145      108 

Net result from financial activities (B)                    (1,267)  (2,454)

Income taxes on normal activity                                  -        - 
    - due                                                        -        - 
    - deferred                                                   -        - 

Net result after taxes from normal activity                                 
  (A+B =C)                                                     174   (2,408)

Extraordinary revenues                                         310      735 
Extraordinary expenses                                           -        - 
Income tax on extraordinary activity                             -        - 
    - due                                                        -        - 
    - deferred                                                   -        - 

Net result from extraordinary activities (D)                   310      735 

Net income (net loss) for the accounting                                    
  Period (C + D)                                               484   (1,673)


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                                  BALANCE SHEET                               
                               In its full extent                             
                             As of December 31, 1998                          
                      (in whole thousands of Czech crowns)                    

                                                               1998      1997 
                                                               ----      ---- 
                                                                              

ASSETS                                                                        

Total Assets                                                 43,782    40,783 
                                                             ======    ====== 

  Intangible and Tangible Assets and                                          
    Investments                                              30,288    31,022 
                                                             ------    ------ 
    Intangible inv. Assets                                        9        12 

    Tangible assets                                          30,279    31,010 
                                                             ------    ------ 
      Land                                                    1,321     1,321 
      Buildings, halls and constructions                     15,932    16,412 
      Separate movable items and sets of                                      
        mov. It.                                              5,704     6,085 
      Incomplete tangible investments                         8,742     8,742 
      Corrective item for acquired property                  (1,420)   (1,550)

Current Assets                                               13,464     8,976 
                                                             ------    ------ 
    Trade Receivables                                        10,824     8,666 
    Receivables from Taxes and Subsidiaries                   1,763         - 
    Other Receivables                                            17        33 
    Cash                                                         74       140 
    Bank Accounts                                               786       128 
    Short-Term Financial Assets                                   -         9 

Other Assets                                                     30       785 
                                                             ------    ------ 
    Temporary Accounts of Assets                                 27        51 
    Contingencies - Gain                                          3       734 

TOTAL LIABILITIES AND CAPITAL                                43,782    40,783 
                                                             ======    ====== 

  Own capital                                                 4,573     1,890 
                                                             ------   ------- 
    Basic capital                                            17,487     1,000 
    Capital funds                                                 -    14,291 
    Economic result of past years                           (13,398)  (11,728)
    Economic result of current acc. period                      484    (1,673)

  Liabilities                                                39,169    38,705 
                                                             ------    ------ 
  Short-term liabilities                                     35,544    27,830 
                                                             ------    ------ 
      Trade payables                                          7,357     5,585 
      Payables to employees                                     241       202 
      Social security payable                                   171       126 
      Taxes payable                                              44       884 
      Payables to related companies                                           
        (shareholdings less than 50%)                        27,729    21,018 
      Other payables                                              2        15 

    Bank loans and short-term notes                           3,625    10,875 
                                                             ------    ------ 
      Long-term bank loans                                    3,625     3,625 
      Short-term bank loans                                       -     7,250 

  Other liabilities - temporary accounts of                                   
    liabilities                                                  40       188 
                                                             ------    ------ 
    Contingencies - loss                                         40       188 


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Teplarna Kromeriz, a.s. 
CASH FLOW STATEMENT 
For the year ended 31 December 1998 

                                                                      1998
                                                                      ----

Cash and cash equivalents at the beginning of the accounting period        277  
                                                                         ---
Cash flow from main (operational) activity                                      

Profit/loss from normal activity before taxes                              174  
                                                                         ---

Adjustments by non-cash transactions                                     2,708  

Depreciation of fixed assets                                           1,209
Change in provisions, reserves and change in                                
  prepayments and accruals                                               479
 (Profit) loss from sale of fixed assets                                 (130)
Dividends and profit revenues                                              -
Interest Expense                                                       1,150

Net cash flow from operational activity before taxes and                        
before changes in working capital and extraordinary items              2,882
                                                                       -----

Change in working capital                                                3,842  

 Change in receivables from operational activities                     (2,158)
Change in short-term payables from operational activities              6,000
Change in inventories balance                                              -

Net cash flow from operational activity before taxes                            
and extraordinary items                                                6,724
                                                                       -----

Interest paid                                                           (1,290) 
Interest received                                                          140  
Tax on normal activity and additional tax of prior years                   (32) 
Revenues and expenses related to extraordinary items                       310  

Net cash flow from operational activity                                  5,852  
                                                                       -----

Cash flow from investment activity                                              

 Fixed asset acquisition                                                 (345)
Sale of fixed assets                                                     130
Loans to related parties                                                   -

Net cash flow from investment activity                                    (215) 
                                                                        ----
Cash flow from financial activity                                               

Change in long-term and short-term liabilities                          (7,250) 

Impact of changes in equity                                              2,196  
Capital and reserve fund increase                                     12,196
Refund of equity to shareholders                                           -
Monetary donations and subsidies to equity and other cash                   
  contributions of partners and shareholders                               -
Settling of loss by shareholders                                           -
Direct payments debited to funds                                           -
Paid-out dividends and profit shares                                       -

Dividends and profit shares received                                         -  

Net cash flow from financial activity                                   (5,054) 
                                                                      ------

Net increase/decrease in cash                                              583  
                                                                         ---

Cash and cash equivalents at the end of the accounting period              860  
                                                                         ---

Dates Referenced Herein   and   Documents Incorporated By Reference

				Referenced-On Page
This U5S Filing		Date		First		Last			Other Filings
		12/31/98		2		3			10-Q, 11-K, DEF 14A, U-9C-3
For The Period Ended		9/30/99							10-K, U-9C-3, U5S/A
Filed On / Filed As Of		1/28/0
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